LOEWS CORPORATION REPORTS NET INCOME OF $1.16 BILLION FOR 2017
Net income for the three months and year ended
Excluding the impact of the Tax Act, net income for the three months and year ended
Book value per share increased to
______ |
|
(a) |
Represents the estimated impact of the Tax Act; the estimate may be refined in future periods as further information becomes available. |
CONSOLIDATED HIGHLIGHTS
|
||||
Three Months |
Years Ended |
|||
(In millions, except per share data) |
2017 |
2016 |
2017 |
2016 |
Net income before impact of the Tax Act |
$ 281 |
$ 290 |
$ 964 |
$ 654 |
Net benefit related to the Tax Act |
200 |
200 |
||
Net income attributable to |
$ 481 |
$ 290 |
|
$ 654 |
Net income per share |
|
|
$ 3.45 |
|
|
|
|||
Book value per share |
$ 57.83 |
$ 53.96 |
||
Book value per share excluding AOCI |
57.91 |
54.62 |
Three Months Ended
Net income for the three months ended
CNA's earnings were affected by a
Income generated by the parent company investment portfolio was consistent with the prior year and reflects lower performance from limited partnership investments, offset by improved results from gold-related securities.
Corporate and other results were affected by a
Years Ended
Net income for the year ended
The following discussion excludes the impact on each segment of the Tax Act, which is included in the quarterly discussion.
CNA's earnings increased due to improved non-catastrophe current accident year underwriting results from its property and casualty operations, higher net investment income driven by improved limited partnership results, higher realized investment gains and lower adverse reserve development from CNA's 2010 asbestos and environmental pollution loss portfolio transfer. These increases were partially offset by higher net catastrophe losses and a charge related to the early redemption of debt in the third quarter of 2017.
Income generated by the parent company investment portfolio was consistent with the prior year.
Corporate and other results decreased due to higher operating expenses from costs related to the acquisition of Consolidated Container in
SHARE REPURCHASES
At
CONFERENCE CALLS
A conference call to discuss the fourth quarter results of
A conference call to discuss the fourth quarter results of CNA has been scheduled for today at
A conference call to discuss the fourth quarter results of
A conference call to discuss the fourth quarter results of
ABOUT
FORWARD-LOOKING STATEMENTS
Statements contained in this press release which are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by management of the Company. A discussion of the important risk factors and other considerations that could materially impact these matters as well as the Company's overall business and financial performance can be found in the Company's reports filed with the
|
|||||
Selected Financial Information |
|||||
|
|||||
Three Months |
Years Ended |
||||
(In millions) |
2017 |
2016 |
2017 |
2016 |
|
Revenues: |
|||||
|
$ 2,447 |
$ 2,400 |
$ 9,583 |
$ 9,384 |
|
Diamond Offshore |
356 |
390 |
1,500 |
1,589 |
|
|
338 |
355 |
1,325 |
1,316 |
|
|
172 |
154 |
682 |
667 |
|
Investment income and other (b) |
242 |
39 |
645 |
149 |
|
Total |
$ 3,555 |
$ 3,338 |
$ 13,735 |
$ 13,105 |
|
Income (Loss) Before Income Tax: |
|||||
|
$ 409 |
$ 317 |
$ 1,314 |
$ 1,141 |
|
|
(35) |
79 |
(22) |
(471) |
|
|
83 |
88 |
293 |
298 |
|
Loews Hotels |
18 |
5 |
65 |
22 |
|
Investment income, net |
37 |
38 |
146 |
146 |
|
Corporate and other (b) |
(51) |
(66) |
(214) |
(200) |
|
Total |
$ 461 |
$ 461 |
$ 1,582 |
$ 936 |
|
Net Income (Loss) Attributable to |
|||||
|
$ 193 |
$ 217 |
$ 801 |
$ 774 |
|
|
(52) |
58 |
(27) |
(186) |
|
|
320 |
27 |
380 |
89 |
|
Loews Hotels |
40 |
5 |
64 |
12 |
|
Investment income, net |
25 |
25 |
97 |
97 |
|
Corporate and other (b) |
(45) |
(42) |
(151) |
(132) |
|
Net income attributable to |
$ 481 |
$ 290 |
$ 1,164 |
$ 654 |
|
(a) |
Includes realized investment gains of |
||||
(b) |
Includes the financial results of |
||||
(c) |
Includes gains of |
||||
(d) |
Includes net catastrophe losses of |
||||
(e) |
Includes a loss on the early redemption of debt of |
||||
(f) |
Includes asset impairment charges of |
||||
(g) |
Includes a loss of |
|
|||||
Consolidated Financial Review |
|||||
|
|||||
Three Months |
Years Ended |
||||
(In millions, except per share data) |
2017 |
2016 |
2017 |
2016 |
|
Revenues: |
|||||
Insurance premiums |
$ 1,803 |
$ 1,728 |
$ 6,988 |
$ 6,924 |
|
Net investment income |
543 |
565 |
2,182 |
2,135 |
|
Investment gains |
29 |
32 |
122 |
50 |
|
Contract drilling revenues |
338 |
384 |
1,451 |
1,525 |
|
Other revenues (a) |
842 |
629 |
2,992 |
2,471 |
|
Total |
3,555 |
3,338 |
13,735 |
13,105 |
|
Expenses: |
|||||
Insurance claims and policyholders' benefits (b) (c) |
1,257 |
1,334 |
5,310 |
5,283 |
|
Contract drilling expenses |
204 |
174 |
802 |
772 |
|
Other operating expenses (a) (d) (e) (f) |
1,633 |
1,369 |
6,041 |
6,114 |
|
Total |
3,094 |
2,877 |
12,153 |
12,169 |
|
Income before income tax |
461 |
461 |
1,582 |
936 |
|
Income tax (expense) benefit (g) |
70 |
(49) |
(170) |
(220) |
|
Net income |
531 |
412 |
1,412 |
716 |
|
Amounts attributable to noncontrolling interests |
(50) |
(122) |
(248) |
(62) |
|
Net income attributable to |
$ 481 |
$ 290 |
$ 1,164 |
$ 654 |
|
Net income per share attributable to |
$ 1.43 |
$ 0.86 |
$ 3.45 |
$ 1.93 |
|
Weighted average number of shares |
336.80 |
337.50 |
337.50 |
338.31 |
|
(a) |
Includes the financial results of |
||||
(b) |
Includes gains of |
||||
(c) |
Includes net catastrophe losses of |
||||
(d) |
Includes asset impairment charges of |
||||
(e) |
Includes a loss of |
||||
(f) |
Includes an aggregate loss on the early redemption of debt of |
||||
(g) |
Includes a one-time, non-cash benefit of |
||||
|
|||||
Tax Act Impact on Net Income |
|||||
|
|||||
Three Months |
Years Ended |
||||
(In millions) |
2017 |
2016 |
2017 |
2016 |
|
Net Income (Loss) Attributable to |
|||||
CNA Financial |
$ 193 |
$ 217 |
$ 801 |
$ 774 |
|
Diamond Offshore |
(52) |
58 |
(27) |
(186) |
|
|
320 |
27 |
380 |
89 |
|
|
40 |
5 |
64 |
12 |
|
Investment income, net |
25 |
25 |
97 |
97 |
|
Corporate and other |
(45) |
(42) |
(151) |
(132) |
|
Total |
$ 481 |
$ 290 |
$ 1,164 |
$ 654 |
|
Tax Act (Charge) Benefit: |
|||||
|
$ (78) |
$ - |
$ (78) |
$ - |
|
|
(36) |
- |
(36) |
- |
|
|
294 |
- |
294 |
- |
|
|
27 |
- |
27 |
- |
|
Investment income, net |
- |
- |
- |
- |
|
Corporate and other (a) |
(7) |
- |
(7) |
- |
|
Total |
$ 200 |
$ - |
$ 200 |
$ - |
|
Net Income (Loss) Before Impact of the Tax Act: |
|||||
CNA Financial |
$ 271 |
$ 217 |
$ 879 |
$ 774 |
|
Diamond Offshore |
(16) |
58 |
9 |
(186) |
|
Boardwalk Pipeline |
26 |
27 |
86 |
89 |
|
Loews Hotels |
13 |
5 |
37 |
12 |
|
Investment income, net |
25 |
25 |
97 |
97 |
|
Corporate and other |
(38) |
(42) |
(144) |
(132) |
|
Total |
$ 281 |
$ 290 |
$ 964 |
$ 654 |
|
(a) |
Reflects the net result of applying the reduced |
||||
(b) |
In addition to recognizing a benefit due to applying a lower tax rate to a net deferred tax liability, |
||||
(c) |
Consists primarily of the result of applying the reduced |
View original content:http://www.prnewswire.com/news-releases/loews-corporation-reports-net-income-of-116-billion-for-2017-300596853.html
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